Charney Companies and Tavros, in partnership with Incoco Capital, have secured $525 million in construction financing for a new 55-story residential tower in Long Island City’s Court Square neighborhood. Designed by FXCollaborative, the property will be built on a site located at 24-19 Jackson Avenue and 45-03 23rd Street. When complete, it will yield 636 condominiums.
Future residences within the building will be offered in configurations ranging from studios through four-bedrooms. Planned amenities have not been announced at this time. Construction is slated to begin in June 2025, with completion expected in spring 2028.
Site at 24-19 Jackson Avenue. Via Google Maps
The $525 million package includes $425 million from Madison Realty Capital, and $100 million in combined funding from Kushner Companies and OneIM. This milestone follows years of site assembly beginning in 2016. Charney and Tavros acquired seven adjacent townhouses and additional air rights before completing the assemblage in 2022 with the $68.5 million purchase of a parcel from Toyoko Inn.
Transit nearby the development includes stations serviced by the 7, G, E, M, N, and R subway lines.
“The opportunity to create new condos in one of the most electric neighborhoods in Queens has been a journey of perseverance, challenging work, and vision, all supported by a world-class team of professionals, colleagues and of course, our financial partners,” said Sam Charney, principal, Charney Companies. “Our dream is now becoming a reality, with construction beginning immediately.”
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Might as well build on that lot
Finally glad that overgrown patch of land will finally be developed after all these years of sitting idle
Not terrible, not great, just right for LIC.
I think this is a great project with a one major flaw and that is the developers didn’t work with the MTA to consolidate all vertical connections between the (7) and (G) trains nice and neat into the base of the development so that ugly (and deteriorating) escalator station house NYCT built could be removed off the corner and turned into a proper neighborhood enhancing pedestrian plaza. This was shortsighted. It probably also could have gained them some accessibility zoning boosts (ZFA) from the MTA and city which could have increased the possible FAR of the whole project increasing its profitability and make the additional transit investment and loss of commercial rental space a wash.
Excellent point. Thank you for your consistent valuable insights
If they did work with the MTA, how long would it have delayed the project?
You’re totally correct. They def looked into this and said, screw it as working with the MTA would delay the project by five years.
Can we get one of these developers pay for a direct connection between the 7 and the E platform?